| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 26th | Poor |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2371 Corby Ave, Santa Rosa, CA, 95407, US |
| Region / Metro | Santa Rosa |
| Year of Construction | 1985 |
| Units | 20 |
| Transaction Date | 2005-08-18 |
| Transaction Price | $2,700,000 |
| Buyer | GREENBERG PROPERTY INVESTMENTS LP |
| Seller | CONTINENTAL LIFESTYLE INC |
2371 Corby Ave Santa Rosa Multifamily Investment
Renter demand appears resilient, supported by an above-metro neighborhood occupancy profile and a sizable renter base, according to WDSuite’s CRE market data. The investment case centers on stable tenancy and positioning in a high-cost ownership market that can sustain multifamily leasing.
The property sits in an Urban Core neighborhood of the Santa Rosa–Petaluma metro with fundamentals that favor steady leasing. Neighborhood occupancy is 95.3% (ranked 62 of 138 metro neighborhoods), placing it above the metro median and indicating comparatively stable tenant retention conditions for multifamily operators. Renter-occupied housing represents about 48% of units in the neighborhood, which supports depth of the tenant base and ongoing demand for professionally managed rentals.
Daily-needs access is a relative strength: grocery and park density rank near the top of the metro and score in the mid-90s nationally, while cafes and pharmacies are limited within the immediate neighborhood. For investors, this combination points to convenience for essentials with some lifestyle amenities located in surrounding areas rather than on the doorstep.
Local ownership costs are elevated versus many U.S. neighborhoods (home values score in the high national percentiles), which tends to reinforce reliance on multifamily housing and can support pricing power. At the same time, a rent-to-income ratio around 0.28 warrants attentive lease management and renewal strategies to mitigate affordability pressure.
Within a 3-mile radius, recent data show modest population growth and a rising household count, with projections indicating further population gains and more households by 2028. This trajectory suggests a gradually expanding renter pool that can support occupancy stability and absorb renovated product over time, based on CRE market data from WDSuite.
Vintage matters: built in 1985, the asset is newer than the neighborhood’s average 1970 construction year. That relative youth can offer a competitive edge versus older stock, though investors should still plan for targeted system updates and modernization to maintain positioning and support rent premiums.
Safety metrics for the neighborhood trend below both metro and national norms. The area ranks 133 out of 138 Santa Rosa–Petaluma neighborhoods, placing it among the less safe segments locally, and national percentiles indicate it sits below the U.S. median for safety. Recent year-over-year trends show increases in estimated violent incidents alongside mid-range property offense positioning.
For investors, this underscores the importance of experienced on-site management, lighting and access controls, and coordination with local resources. Framed appropriately, these measures can help sustain leasing and retention even where neighborhood safety indicators lag regional averages.
Proximity to distribution and logistics employment helps underpin workforce renter demand, with FedEx represented within a reasonable commute distance from the property.
- FedEx — logistics & distribution (7.9 miles)
2371 Corby Ave combines steady neighborhood occupancy, a sizable renter concentration, and positioning in a high-cost ownership market that supports multifamily leasing. Built in 1985, the property is newer than much of the surrounding housing stock, offering potential to outperform older competitors with selective renovations and system updates. According to commercial real estate analysis from WDSuite, the neighborhood’s occupancy ranks above the metro median, and elevated ownership costs locally tend to sustain renter demand and support rent integrity over time.
Demographic indicators aggregated within a 3-mile radius show recent population and household growth with projections for further expansion by 2028, pointing to a gradually enlarging tenant base. While rent-to-income levels suggest some affordability pressure and safety indicators trail metro norms, these risks appear manageable with disciplined operations, targeted capex, and asset positioning toward durable renter segments.
- Above-metro neighborhood occupancy supports leasing stability and renewals
- 1985 vintage offers competitive positioning vs. older area stock with value-add upside
- High-cost ownership market reinforces reliance on multifamily housing and pricing power
- Risk: below-metro safety and affordability pressure call for strong management and targeted capex